Oil prices rise amid fears of crude shortage

Global oil prices rose slightly on fears of a temporary shortage of this type of raw material in some cases, Report informs referring to the auction data.

The price of September futures for Brent crude rose by 0.28%, to $112.77 per barrel, August futures for WTI rose by 0.15%, to $109.94.

On June 30 morning, the cost of oil rose slightly on fears of a partial shortage of this type of raw material. Thus, the markets continue to react to the announcement of the G7 countries to consider the possibility of a comprehensive ban on the services of transporting Russian oil and oil products by sea, provided that raw materials are not purchased at a price that must be agreed upon in consultation with international partners, or below.

In addition, according to the US Department of Energy, commercial oil reserves in the country (excluding the strategic reserve) for the week ended June 24 fell by 2.8 million barrels, or 0.7%, to 415.6 million barrels.

The United States Department of Energy also reported that in a week, oil production in the country increased by 100,000 barrels per day, to 12.1 million barrels, the highest level in two years.